STANDOFF

07.09.11

Boehner Wants Smaller Debt Deal

J. Scott Applewhite / AP Photo

House Speaker John Boehner pulled out of debt-reduction talks on Saturday night, complaining that the White House is insisting on tax increases to help reduce the federal deficit. “Despite good-faith efforts to find common ground, the White House will not pursue a bigger debt reduction agreement without tax hikes," Boehner said in a statement, stepping away from a deal that could have produced $4 trillion in savings. "I believe the best approach may be to focus on producing a smaller measure, based on the cuts identified in the Biden-led negotiations, that still meets our call for spending reforms and cuts greater than the amount of any debt limit increase."